People have almost forgotten to carry paper money or even ATM cards due to the ease of digital payments. Making payments have never been this easy i.e. one click away and hassle-free. Doing business through digital payments is un-conventional and way ahead in the direction of financial independence.
As per a survey, 84% of the Indian merchants make use of phone-enabled digital payment services. The government has already realized the advantages of digital payment and has come up with official online payment platforms that are recognized in PAN India. So many of the companies have jumped to try out their luck through digital payment apps and emerged out successful. For example, recently WhatsApp has come forward with its dedicated online payment method.
Prateek Chandani, the founder of a leading digital marketing firm who is an entrepreneur in himself presents an insight on how digital payments can be a boon for the industry.
- Digital payments and online selling go hand in hand. There are so many budding entrepreneurs whose minds are flooded with remarkable business plans. The only thing they lack is the direction to push start and give their idea a figure. Some of them lack the technical know-how and some are unaware of the scope of digital marketing. In the middle of this, digital payments abridge the gaps in the best possible way.
Prateek Chandani’s BrandCasting provides services like digital marketing, website designing, etc. Being the founder himself, he understands the hardships of taking your local business to a national platform but with variety of online solutions it is atleast much easier tha before. Meanwhile, when you are gaining the attention of the customers, you also need to plan about scaling up your business across different dimensions. This requires a free flow of capital which is not at all possible through physical payments or through direct bank transactions and digital payments has served the purpose well.
Here are the ways in which digital payment services works well for entrepreneurship development-
- Security of transactions- There is no doubt about the sanctity of the transactions through digital payment apps. It is the only way to deal with constantly rising cyber-crimes. Customers have gained full trust in different kinds of digital payment modes. So, if you are thinking of starting with a new business idea, then pick a payment gateway method that aligns with it.Some of the leading payment gateway method for websites are razorpay, instamojo and PayU but many more are also growing which gives a huge options for customers.
- Worthier customer experience- Customers have been in the driving seat for the past few decades. Digital payments have already shown success when it comes to customer satisfaction and experience. Once you incorporate any of the digital payment mediums, the overall customer experience gets a boost.
- Lesser account handling- When you starting with a small business, you will be running short on the number of employees. In between this chaos, it will be very hectic if you have to handle so many accounts. As there will be no dedicated finance or accounting team. Digital payments help a lot in solving this issue. Payments are recorded automatically and need not be tracked. This is beneficial in many other senses like there will be less space for errors and better time management.
- Reduced money laundering- Cyber thieves are in constant search of the blind spots in the bank payment systems. But digital payments do not entertain any such blind spots and thus protected against all kinds of cyber thieves and criminals. Small businesses that have started new in the market are hugely benefitted through such digitalization. It prevents fraudulent payments which are life savior for both the clients and the vendors.
- Saving money and time- Keeping track through digital payments is both easy and less time-taking. It saves our money that was spent before in roaming aimlessly to track physical payments and their source. The same payment processed digitally costs exceptionally lesser. This helps the employees to focus more on the core business tasks and creating a work-life balance.
- Cashflow is seamless- There is so much more to cashflow than just the expenditures. There are profits, operational costs, investments, salaries, etc. that need to be sorted. Once your business adopts a digital payment platform, it gets a clearer insight into the profits earned, expenditure, and where to save from. So overall there is better money management which is the ultimate goal.
There may be some challenges associated with digital payments also, but advantages are way more. In a country like India, wherein the internet costs have been reduced a lot and the user base is almost infinite, digital payments are as fit as a fiddle.
The government is working to make digital payments available to rural areas as prevailing it is in the urban sector. Sooner or later, digital payments will become ubiquitous. This stores even a brighter future for all the entrepreneurs. Till then Prateek Chandani on behalf of the whole team of BrandCasting wishes you luck in all your endeavors.